Description

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Attitudes towards Insurance Canada market including the behaviours, preferences and habits of the consumer.

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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

Canadians are well served by the depth and product offerings of a strong insurance sector. Insurance companies are leveraging multiple distribution channels to suit customer preferences, including traditional channels such as brokers and agents, through affinity programs with member associations, retail outlets, digital channels, etc. Also, newer digital entrants are aiming to bypass the role of agents/brokers by selling directly to customers. The impact of technology has expanded into smart homes, driving tracking devices, fitness and health monitors, all of which offer potential for savings on insurance rates.

Expert analysis from a specialist in the field

Written by Sanjay Sharma, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The impact of COVID-19 has been more strongly felt on the distribution side through increased digital use and virtual care while its impact on insurance product sales has not been significant. Going forward, this openness to higher digital usage is expected to continue as more digital non-natives get comfortable with online and app usage.
Sanjay Sharma
Senior Financial Services Analyst

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
  2. Executive Summary

    • Top takeaways
    • Market overview
    • Impact of COVID-19 on insurance attitudes
      • Figure 1: Short, medium and longer-term impact of COVID-19 on attitudes towards insurance, December 2020
    • Opportunities and challenges
    • Insurance ownership: segments of opportunity
    • A quarter find insurance mobile apps hard to use
    • Privacy is the major hurdle to adoption of driving tracking devices
    • COVID-19 impact on distribution
    • Claims and policy education would appeal to the majority of consumers
    • Younger consumers and men are keener app users
    • COVID-19 may lead to a greater willingness to share data
  3. The Market – Key Takeaways

    • Insurance industry impact of COVID-19
    • Rise of virtual care
    • GM to sell car insurance based on driver tracking
    • Investment in electric vehicle infrastructure across Canada
    • Ownership of smart home devices has risen
    • Other trends in insurance coverage
  4. Market Factors

    • Insurance industry impact of COVID-19
      • Figure 2: Short, medium and longer-term impact of COVID-19 on attitudes towards insurance, December 2020
    • Rise of virtual care
    • Some consumers are striving for personal betterment during the pandemic
      • Figure 3: Introducing Apple Fitness+, September 2020
  5. What’s New?

    • GM to sell car insurance based on driver tracking
    • Investment in electric vehicle infrastructure across Canada
    • Ownership of smart home devices has risen
    • Impact of smart homes on home insurance
    • Home insurance and connected living
    • Other trends in insurance coverage
  6. Companies and Brands – Key Takeaways

    • Pacific Blue Cross announces plan for virtual healthcare
    • Intact proposes $12.4 billion joint takeover of Britain’s RSA
    • COVID-19 having a mixed impact on auto insurers
    • Canada’s biggest airlines are offering free COVID-19 insurance
  7. Competitive Strategies

    • Pacific Blue Cross announces plan for virtual healthcare
    • Intact proposes $12.4 billion joint takeover of Britain’s RSA
    • COVID-19 having a mixed impact on auto insurers
    • Canada’s biggest airlines are offering free COVID-19 insurance
    • Manulife joins smaller insurers in offering COVID-19 travel coverage
  8. Marketing Campaigns

    • Canada Life embraces financial individuality in first mass campaign
      • Figure 4: For Life As You Know It – Canada Life, September 2020
    • SunLife Financial’s new national branding
      • Figure 5: Let’s get you there, October 2020
    • Sonnet: crafting a new brand identity
      • Figure 6: Sonnet Facebook ads, October 2020
    • SunLife and TD Insurance battle the belief that getting life insurance is time-intensive
      • Figure 7: SunLife and TD Insurance Facebook ads, April 2020
  9. The Consumer – What You Need to Know

    • Auto, home and life are the most popular insurance products
    • Pet insurance owners have the highest app usage
    • One in four use fitness trackers
    • Half of consumers believe insurance is essential to a peaceful life
    • Fair degree of satisfaction with industry response to COVID-19
    • Claims is the number one area for improvement in insurance
  10. Insurance Ownership

    • Auto, home and life are the most popular insurance products
      • Figure 8: Ownership of insurance products, September 2020
    • Age has a significant influence on ownership
    • Increasing pet insurance ownership
      • Figure 9: Insurance ownership (select), by age, September 2020
    • Income also determines ownership
      • Figure 10: Insurance ownership (select), by household income, September 2020
    • Non-Chinese Asians are potential marketing targets
      • Figure 11: Insurance ownership (select), by ethnicity, September 2020
  11. Usage of Apps

    • Pet insurance owners have the highest app usage
      • Figure 12: Mobile app usage, by type of insurance owned, September 2020
    • Younger consumers and men are keener app users
      • Figure 13: Mobile app usage (select), by age and gender, September 2020
    • A quarter find insurance mobile apps hard to use
      • Figure 14: Mobile insurance app attitudes, September 2020
  12. Tech Devices and Attitudes

    • Awareness is high, but usage is still low
      • Figure 15: Usage of tech devices, September 2020
    • Device usage and interest higher among younger consumers
      • Figure 16: Usage of and interest in tech devices, 18-44s vs over-45s, September 2020
    • Privacy is the major hurdle to adoption of driving tracking devices
    • Men have a higher usage of most devices
      • Figure 17: Usage of and interest in tech devices, by gender, September 2020
  13. Purchase Attitudes

    • Half of consumers believe insurance is essential to a peaceful life
      • Figure 18: Insurance purchase attitudes, September 2020
    • A third prefer to buy through independent brokers
      • Figure 19: Insurance purchase attitudes, by age, September 2020
      • Figure 20: A little guidance today can do a world of good tomorrow – Canada Life, May 2020
    • Digital interest is growing among 18-54s
    • A quarter of 18-54s are interested in guaranteed issue insurance
      • Figure 21: SSQ guaranteed insurance advertisement, August 2020
    • RBC highlights no medical
      • Figure 22: RBC Guaranteed life insurance advertisement, May 2020
  14. Impact of COVID-19

    • Fair degree of satisfaction with industry response to COVID-19
      • Figure 23: COVID-19-related attitudes towards insurance, September 2020
    • COVID-19 increases interest in digital insurance
      • Figure 24: COVID-19-related attitudes towards insurance (% any agree), 18-44s vs over-45s, September 2020
    • COVID-19 may lead to a greater willingness to share data
    • COVID-19 impact on distribution
    • Consumers keener on travel, no significant impact on life and health demand
      • Figure 25: COVID-19-related insurance purchase intention attitudes, September 2020
      • Figure 26: COVID-19-related insurance purchase intention attitudes (% any agree), 18-44s vs over-45s, September 2020
  15. Improving the Insurance Experience

    • Seven in 10 consider insurance as a “necessary evil”
      • Figure 27: General attitudes towards insurance, September 2020
    • Younger consumers and men more enthused about innovation
      • Figure 28: General attitudes towards insurance (% any agree), 18-44s vs over-45s, September 2020
    • Claims is the number one area for improvement
      • Figure 29: Improving the insurance experience, September 2020
    • Younger consumers keener on videos and community initiatives
      • Figure 30: Road safety Q&A live show | Onlia, February 2020
      • Figure 31: Tackling road safety with traffic cameras | Aviva Canada, August 2020
      • Figure 32: Improving the insurance experience (select), by age, September 2020
    • Around a third are interested in consumer education…
      • Figure 33: Know Your Policy, September 2017
    • …and a consumer bill of rights
    • TURF analysis for insurance improvements
    • Methodology
    • Claims and policy education would appeal to the majority of consumers
      • Figure 34: TURF analysis – Improving the insurance experience, September 2020
  16. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Mintel Trend Drivers
    • Abbreviations and terms

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

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Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

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Data

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